Never miss an update

NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: BRAND NEW
Brand: Derek Lam US Size: 10
Style: Strappy Sub Style: SANDAL
US Shoe Size (Women's): 10 Main Color: BLACK
Width: Normal Heel Height: High (3 in. and Up)
Color: Multi-Color Pattern: Animal Print
Material: Leather Heel Type: Wedge
Shade: YELLOW/BLACK/BEIGE UPC: Does not apply
Never miss an update

NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6 - blurrypron.com

    NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6
    NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6
    Imagine Vince Camuto Women's 9.5M Plash Pale Pink Heels retail $ 185.00 New , Heel Nine West Provein Block Heel Sandal Pink Synthetic , Cole Haan Womens 15A4108 Closed Toe Wedge Pumps Marine Blue Size 6.0 , Pole dancing 7" slip on rhinestone upscale shoesPleaser ADORE-708MSLG Womens Clear Aqua Multi Glitter Heel Platform Strap Sandal$195 JOIE WINDY Bone Chocolate Leather Designer Wooden Wedge Sandals 7.5 , Pleaser 8 inch red glitter ankle strap sandals , Guess Women's Dandle Booties shoes Leather, Black, 8.5 MGiuseppe Zanotti high heel laser cut sandal - size 37Zara New SS18 High Heel Clogs Black Size 6.5 NWT , Munro American Women's Mallory Black Suede Heels Size 8.5NWomen 18CM Super High Heel Stiletto Pointed Toe Shoes Sexy Gladiator Ankle Boots , Nine West 25022924 Womens Vaidin Dress Pump- Choose SZ/Color. , Ladies Clarks High Heel Court Shoes Label - Idamarie Faye , Dior Metallic Gold Peep Toe Slingback Pumps Size 8Prada Shoes in Patent Pink & Burgendy trim, size 37.5, Only one on Internet,Pleaser Women's Stdus802/C/M Platform Dress Sandal, Clear/Clear, 8 M US , NEWWomens Pump Solid Pointy Toe Stiletto High Heel Slip On Office Lady Dress Formal , Womens High Heels Gladiator Hollow Out Over Knee Thigh Boots Peep Toe SandalsIvanka Trump ITCARTHE Womens Carthe- Choose SZ/Color. , Walter Steiger brown suede with matching brown snakeskin heels and back. 8.5 B , NIB Womens ENZO ANGIOLINI Vonessa High Heel Bootie Open Toe BLACK Size 8M , Kenneth Cole Mary Jane Cap Toe, White Stitching, Leather (Up+Sole) Heel Pumps 6M , Men/Women Liliana chunky 6" heels Quality products Wholesale trade Complete specifications$225 VIA SPIGA ORLA Grey Glitter Dot Mesh Designer EVENING Peep Toe Pumps 8.5 , Salvatore Ferragamo "Alberta" Black Suede Tassel Low Pump Loafer Shoe Heels 7 2AWomen Sergio Rossi Runway Metallic Silver Leather High Heel Shoe Sz 6.5 $520 , Salvatore Ferragamo Black Crocodile Kitten Heel Slide - size 8.5 , PLEASER 7" Heel Pink Purple Ombre Glitter Cutout Platform Ankle Strap Shoes
    NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6 - blurrypron.com>NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6 - blurrypron.com
    Nine West Women's Ballico Suede Ankle Bootie - Choose SZ/ColorNew Le Coq Sportif Omega X W Summer Flavor Sneakers In Ash Rose WomensGB35 Raiven Knee High Buckle Boots 917, Black, 10 US , Riva Womens/Ladies Buttons Leather Ankle Boots (FS4974)Gladitor Roman Fashion High Heels Hollow Out Zipper Rhinestone Womens Sandals Sz , new JIMMY CHOO taupe snake leather open-toe cork logo wedges shoes 40.5 10.5PATRIZIA PEPE WOMAN HIGH HEELS DECOLTE SHOES LEATHER CODE 2V4848 A1EA G296 , Spring Step L'Artiste Multi-Color Leather Floral Cut Outn Belen Sandals Heels 41EUC Dansko Taupe Anke Buckle Straps Leather Sandals Sz EURO 40 US 9Crown & Ivy Hedye Sandal - Women's Size 8.5, Pinkadidas MATCHCOURT RX - Black - MensConverse Breakpoint Ox Midnight Navy White Unisex Canvas Low-Top Retro Trainers , Nike Alpha Force 2 Rare Ds Og , Skechers Sport Men's Afterburn M. Fit Mid OxfordBlack/Charcoal12 M USMerrell Waterpro Maipo Men's - Black/Grey/Yellow J37769 , Adidas Mens Terrex Climacool Voyager Shoes CM7535 Black/Carbon/Black Size 13 , Gentleman/Lady Nike Dunk Low Premium QS excellent quality Moderate cost Authentic guarantee , Mens Air Jordan 1 Retro High, Size 11, White/Vachetta Tan (new)NIKE MEN AIR MAX 1 ID BLACK-RED SZ 12 [943756-971]Adidas 3 Bandes Black Leather Tennis Shoe Sneaker Men US 10.5 Highly Collectible , MERRELL M All Out Blaze, M-DRY, WP, Hiking Shoe, Sz.12, Burnt Maple -$AVE $AVERed Wing Men's EH, Shoes Black Sz. 7D.Men/Women Skechers Men's Relaxed Fit-Elent-Velago Oxford Best-selling worldwide discount Comfortable and natural , Bostonian Men's Melshire Wing Black Tumbled Leather Oxford Dress Shoes 26126258Reebok Women's Print Prime Runner Sneaker, White/Steel, 6.5 M US , Ladybug & Flowers Lover Women's High Top Shoes - Ladybird Custom Canvas Shoes , Nike Air Max Thea Premium Reflective Womens 8 Grape Purple PRM 616723 500 Zoom , Womens Stylish Wedge High Heels Faux Leather Knee High Boots Thick Bottom Shoes# , Women Suede Ethnic Pointy Toe embroidery Floral Ankle Boots Suede Shoes Side Zip , Jessica Simpson Size 6 Black Leather Boots New Womens Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6 - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6 - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    NEW DEREK LAM 10 CROSBY 10983 SZ 10 ZANIBAR SNAKE NEW 10 SANDAL HEEL STRAP d453cc6
    Heels
    >
    ;